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Mountain Province declares dividend

10 august 2018

Mountain Province Diamonds said it has decided to declare a dividend of 4 cents per share following a “good” performance of the mine and cash reserves that stood at C$33.5 million as at June 30, 2018, a C$4.8 million increase from the prior quarter balance of C$28.7 million.

news_11042018_gahcho_kue.jpg
Image credit: Mountain Province


“The company's policy is to manage down the debt levels and to pay reasonable dividends based on available cashflows,” said Mountain Province chief executive Stuart Brown.
“The level of future dividends may go up or down dependent on these cashflows which are strongly linked to realised diamond prices as well as the covenants relating to dividend declarations under the revolving credit facility and the secured notes payable conditions. "
The company was also set to generate significant positive cash flows for the second half of the year as cash funding commitments for the Gahcho Kué Mine were heavily weighted to the first half of the year for winter road supply and capital commitments. 
Meanwhile, a record 1.9 million carats were recovered at an average grade of approximately 2.15 carats per tonne in the second quarter of 2018.
The first half output was 3,6 million carats compared with 2.5 million carats, a year earlier.
The increase in output was as a result of ongoing improvements and optimisation work since commercial production began in early 2017.
Mountain Province was targeting to produce between of 6.3 and 6.6 million carats this year.
Its sales during the second quarter of 2018 was the highest achieved to date in the company's history with C$99.1 million ($76.8 million) recognised as revenue. 
This excludes about C$10.7 million ($8.1 million) in revenue from 43,000 carats in Sale 5 which was not received until July 2018. 

Mathew Nyaungwa, Rough&Polished